OPEC+ nations to begin phased oil production increase in July
Saudi Gazette report
RIYADH — Eight OPEC+ member countries, including Saudi Arabia, Russia, and the UAE, will raise oil production by 411,000 barrels per day (bpd) in July 2025 as part of a phased reversal of previous voluntary output cuts, the alliance announced on Saturday following a virtual meeting.
The decision follows the group's earlier agreement on December 5, 2024, to gradually ease the 2.2 million bpd in voluntary reductions that were implemented in April and November 2023.
The upcoming adjustment is equivalent to three monthly increments and reflects what the group described as a 'steady global economic outlook' and 'healthy market fundamentals,' including low oil inventories.
The eight participating countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — stressed the adjustment remains flexible and may be paused or reversed depending on evolving market conditions.
The statement emphasized that the approach is designed to support ongoing market stability and gives room for countries to accelerate compensation for previous overproduction.The group reaffirmed its full commitment to the Declaration of Cooperation and pledged to compensate for any excess volumes produced since January 2024.Monitoring of conformity and compensation will continue through monthly meetings, with the next session scheduled for July 6, 2025, when the group will decide on production levels for August.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Saudi Gazette
8 hours ago
- Saudi Gazette
GASTAT: Saudi Arabia's imports rise to SR74 billion in March
Saudi Gazette report RIYADH — Saudi Arabia's commodity imports rose slightly to SR74 billion in March 2025, a 0.1 percent increase compared to the same period in 2024. However, commodity imports increased by approximately SR 1.65 billion, a two percent increase, according to data released by the General Authority for Statistics (GASTAT). Machinery, mechanical equipment, electrical equipment, and their parts accounted for 26 percent of the Kingdom's total imports in March, with a value of SR19.3 billion. Vehicles, aircraft, ships, and transportation equipment accounted for approximately 15 percent. China accounted for 25 percent of Saudi Arabia's total imports in March 2025, with a value of SR 18.7 billion, followed by the United States with SR 5.8 billion, and the UAE with SR 4.4 billion. The top 10 countries from which imports accounted for about 65 percent of total imports, equivalent to SR48.1 billion. In its recently released monthly report, the GASTAT announced a 2.3 percent increase in the consumer price index (CPI) for April 2025 compared to the same month in 2024. The authority attributed this annual price increase to the rise in housing, water, electricity, gas, and other fuels, which recorded the highest increase of 6.8 percent. A 2.2 percent rise in food and beverage prices and a 3.5 percent rise in the prices of various personal goods and services contributed to this inflationary wave. Some major categories recorded an annual decline in prices, with furniture and home furnishings prices declining by 1.8 percent. Communications prices fell by 1.5 percent, clothing and footwear prices declined by 1.2 percent, and transportation by 1.0 percent. Health, recreation, and culture prices also saw slight declines of 0.2 percent and 0.7 percent respectively, reflecting relative stability in the costs of these services and products. In contrast, the tobacco sector recorded a slight increase of 0.1 percent.
Leaders
19 hours ago
- Leaders
Saudi FM Arrives in Jordan for Gaza Meeting
The Saudi Foreign Minister, Prince Faisal bin Farhan, has arrived in Amman, the capital of Jordan, to participate in a meeting on Gaza, according to the Saudi Foreign Ministry. On Saturday, Prince Faisal bin Farhan landed in Amman to take part in a meeting of the Ministerial Committee assigned by the Joint Arab-Islamic Extraordinary Summit on the developments in the Gaza Strip. The meeting will explore ways to support efforts to end the war and blockade on Gaza. The meeting originally aimed to coordinate a visit to Ramallah in the occupied West Bank, scheduled on Sunday. However, the visit was postponed due to Israel's decision to prevent the Arab delegation from meeting the President of Palestine, Mahmoud Abbas, according to Jordan's Foreign Ministry. The delegation, which include the foreign ministers of Saudi Arabia, Egypt, Qatar, Jordan and the UAE, condemned the Israeli ban as a 'blatant violation' of Israel's obligations as an occupying power. The Saudi Foreign Minister traveled to Jordan right after an official visit to Syria, where he met with the Syrian Transitional President, Ahmed Al-Sharaa, in Damascus. Prince Faisal was accompanied by a high-level economic delegation to discuss avenues for joint cooperation aimed at supporting Syria's economy, enhancing the development of its governmental institutions, and fulfilling the aspirations of the Syrian people, the Saudi Foreign Ministry said in a statement. The discussions led to the announcement of a Saudi-Qatari joint financial support package for Syrian public sector employees for three months, according to Saudi Gazette. 'This support aims to contribute to economic and social stability, improve living conditions, and reinforce development efforts in Syria,' Saudi Arabia and Qatar said in a joint statement. Short link : Post Views: 62
Saudi Gazette
2 days ago
- Saudi Gazette
OPEC+ nations to begin phased oil production increase in July
Saudi Gazette report RIYADH — Eight OPEC+ member countries, including Saudi Arabia, Russia, and the UAE, will raise oil production by 411,000 barrels per day (bpd) in July 2025 as part of a phased reversal of previous voluntary output cuts, the alliance announced on Saturday following a virtual meeting. The decision follows the group's earlier agreement on December 5, 2024, to gradually ease the 2.2 million bpd in voluntary reductions that were implemented in April and November 2023. The upcoming adjustment is equivalent to three monthly increments and reflects what the group described as a 'steady global economic outlook' and 'healthy market fundamentals,' including low oil inventories. The eight participating countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — stressed the adjustment remains flexible and may be paused or reversed depending on evolving market conditions. The statement emphasized that the approach is designed to support ongoing market stability and gives room for countries to accelerate compensation for previous group reaffirmed its full commitment to the Declaration of Cooperation and pledged to compensate for any excess volumes produced since January of conformity and compensation will continue through monthly meetings, with the next session scheduled for July 6, 2025, when the group will decide on production levels for August.
